Economists United Against Trump Tariffs

Remember the old joke about two economists in a room, but with three opinions?

The quip is designed to highlight an important truth: that most areas of empirical and theoretical economics are contested, to a greater or lesser extent.

In most surveys you can rely on at least some conflicting opinions stemming from putting different weight on economic efficiency compared with distributional or other concerns.

In that light, the IGM Economic Experts’ Panel question on President Trump’s steel and aluminum tariffs is remarkable. Economists unanimously agree that the tariffs lower will lower the economic welfare of Americans.